Prospects for a low specific mass multi-megawatt nuclear space power plant were examined assuming closed cycle coupling of a high-temperature fission reactor with magnetohydrodynamic (MHD) energy conversion and utilization of a nonequilibrium helium/xenon frozen inert plasma (FIP). Critical evaluation of performance attributes and specific mass characteristics was based on a comprehensive systems analysis assuming a reactor operating temperature of 1800 K for a range of subsystem mass properties. Total plant efficiency was expected to be 55.2% including plasma pre-ionization power, and the effects of compressor stage number, regenerator efficiency and radiation cooler temperature on plant efficiency were assessed. Optimal specific mass characteristics were found to be dependent on overall power plant scale with 3 kg/kWe being potentially achievable at a net electrical power output of 1-MWe. This figure drops to less than 2 kg/kWe when power output exceeds 3 MWe. Key technical issues include identification of effective methods for non-equilibrium pre-ionization and achievement of frozen inert plasma conditions within the MHD generator channel. A three-phase research and development strategy is proposed encompassing Phase-I Proof of Principle Experiments, a Phase-II Subscale Power Generation Experiment, and a Phase-III Closed-Loop Prototypical Laboratory Demonstration Test.